Antitrust: Klickads v. Real Estate Board of New York
Posted by LaLa on 01 Jun 2007
Klickads, which does business as BrokersNYC, filed an antitrust suit against the Real Estate Board of New York (REBNY), a trade association that represents the largest players in the New York City real estate market. By restricting members’ residential listings for distribution only through its own computer system and boycotting other integrators, REBNY seeks to monopolize information and, therefore, keep broker commission standardized.
Brokers need access to REBNY’s listings in order to compete in the Manhattan real estate market, but they should be able to choose which system they use to access that information. As in any other market, choice empowers consumers; competitive listing services such as BrokersNYC would help New Yorkers comparison-shop for apartments or brokers and save tens of thousands of dollars.
REBNY’s attempt to control the way brokers and their customers access listings is similar to the National Association of Realtors’ “opt-out” policy that prompted a recent civil antitrust filing by the U.S. Department of Justice.
Case History:
| Date | Document | |
| 08.08.2007 | Opinion: Klickads vs. REBNY – Judge Sand’s Opinion | From: To: Klickads |
| 01.14.2005 | Complaint: Klickads vs. REBNY Amended Complaint | From: Klickads To: United States District Court, Southern District of NY |
| 10.13.2004 | Complaint: Klickads vs. REBNY Original Complaint | From: Klickads To: United States District Court, Southern District |
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It’s clear that the interests of consumers and the interests of large brokerages are not aligned. Let’s hope that the consumer’s interests are respected here and we get a decision that is pro-competition and pro-market efficiency.